Obtain a limited broker or real estate license?

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Obtain a limited broker or real estate license?

Jane Lee
Minneapolis, MN · Member since 2018 · 7 posts · 5 votes

Has anyone debated obtaining a 'limited brokers license' over a traditional real estate license? I'm trying to determine which makes most sense for self-investment property. To my understanding it provides a more direct relationship with your broker without needing to rely on an agent to see property.

Referencing the mn.gov real estate license guide

Minneapolis, Minnesota

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Dan Bryskin
Investor · Minneapolis, MN · Member since 2015 · 252 posts · 263 votes
7y

@Jay Hinrichs Limited broker license in MN allows you to do anything RE Broker can do, but with limited license one can't represent clients. You can only by / sell for your self or partnerships / companies  you have 50% interest. It also has no educational requirements - one does not need to pass tests or have continuous education. That's what I got. @Jane Lee, If this is a route you will choose call Minneapolis realtor association first, state guide is not entirely correct. Good luck

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  • Joseph Hammel
    Rental Property Investor · Lake Hallie, WI · Member since 2015 · 292 posts · 144 votes
    7y

    If that's your only goal no. Im sure you can find a broker to work with directly.

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    7y

    what does a limited license allow you to do ?

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  • Alyssa StromBusiness Member
    Real Estate Agent · Saint Paul, MN · Member since 2015 · 225 posts · 214 votes
    7y

    @Jane Lee My understanding is that a limited brokers license is only an option for a current RE broker. Without being a broker yourself, the only option is a salesperson (agent). There are many low-fee brokerages out there that could hold your salesperson license and you would achieve the same result. Determine how many deals you are looking to do each year and evaluate that against the yearly cost of holding your RE license.

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  • Dan Bryskin
    Investor · Minneapolis, MN · Member since 2015 · 252 posts · 263 votes
    7y

    @Jay Hinrichs Limited broker license in MN allows you to do anything RE Broker can do, but with limited license one can't represent clients. You can only by / sell for your self or partnerships / companies  you have 50% interest. It also has no educational requirements - one does not need to pass tests or have continuous education. That's what I got. @Jane Lee, If this is a route you will choose call Minneapolis realtor association first, state guide is not entirely correct. Good luck

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    7y
    Originally posted by @Dan Bryskin:

    @Jay Hinrichs Limited broker license in MN allows you to do anything RE Broker can do, but with limited license one can't represent clients. You can only by / sell for your self or partnerships / companies  you have 50% interest. It also has no educational requirements - one does not need to pass tests or have continuous education. That's what I got. @Jane Lee, If this is a route you will choose call Minneapolis realtor association first or PM me, state guide is not entirely correct. Good luck

    Wow can you also be a member of MLS this would be nirvana for flippers and investors..

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  • Jordan MoorheadBusiness Member
    Real Estate Agent · Austin, TX · Member since 2015 · 5k+ posts · 3k+ votes
    7y

    @Jay Hinrichs if you have a pulse MN will give you a license. I don't believe you can list properties of your own as a limited broker but I may be wrong. MN Dept of Commerce of MN association of realtors probably has good info on this.

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  • Alexander Lang
    Rental Property Investor · Savage, MN · Member since 2016 · 202 posts · 61 votes
    7y

    Great info, I am certainly going to look into this more!

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